Qualoth is a production-proven cloth simulator aimed for high quality cloth animation creation. It has a sophisticated physical model and numerical algorithms that produce realistic wrinkles and animation, and reliable collision handling mechanism and rich set of controls that give users more time for creativity than trouble-shooting.

I use both syflex and qualoth, qualoth seems faster with hires poly and produces beauty detailed wrinkles. And its yes it works with Maya dynamic's field. Qualoth can detect and resolve collisions to fast-moving objects, I like it so much

I am not sure for next release, but for now, they says "Qualoth is available for Maya 8.5, 2008 and 2009 in Windows and Linux."
and the RS link above just for Maya 8.5 and 2009
But I am gonna find out for 2010

To be honest I don't see this being better than NCloth yes in Ncloth you need to make a lot of adjustments if your using it with something that is fast paced but it is reasonably done.
Qualoth doesn't even use Multicore function which makes this more of a game simulation for cloth than any thing else yes I see it had a few feature film uses but it was small and light.

as far as wrinkles goes you can use tools for Ncloth to keep folds and wrinkles and the more dense you set up your cloth the better performance you will get. With a healthy Max Iterations set up.

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